Signature Bank Reports 2014 First Quarter Results

  • Net Income for the 2014 First Quarter Reached a Record $66.0 Million, or $1.37 Diluted Earnings Per Share, An Increase of $15.4 Million, or 30.4 Percent, from $50.6 Million, or $1.06 Diluted Earnings Per Share, Reported in the 2013 First Quarter. The 2014 First Quarter Includes a $1.8 Million Tax Charge Related to New York State Corporate Tax Reform Enacted on March 31, 2014
  • Total Deposits in the First Quarter Grew a Record $1.25 Billion to $18.31 Billion, Including Record Core Deposit Growth of $900.9 Million; Total Deposits Have Grown $3.51 Billion, or 23.7 Percent, Since the End of the 2013 First Quarter
  • Average Deposits Increased $930.0 Million, or 5.5 Percent, in the 2014 First Quarter
  • For the 2014 First Quarter, Loans Increased $699.2 Million, or 5.2 Percent, to $14.22 Billion. Since the End of the 2013 First Quarter, Loans Have Increased 37.2 Percent, or $3.85 Billion
  • Non-Accrual Loans were $36.2 Million, or 0.25 Percent of Total Loans, at March 31, 2014, Versus $31.3 Million, or 0.23 Percent, at the End of the 2013 Fourth Quarter and $35.1 Million, or 0.34 Percent, at the End of the 2013 First Quarter
  • Net Interest Margin Increased Seven Basis Points to 3.39 Percent, Compared with 3.32 Percent for the 2013 Fourth Quarter and 3.43 Percent for the 2013 First Quarter. The Linked-Quarter Increase Was Partly Due to a Rise in Loan Prepayment Penalty Income of $1.5 Million, or Three Basis Points in Margin
  • Core Net Interest Margin Excluding Loan Prepayment Penalty Income Increased Four Basis Points to 3.25 Percent, Compared with 3.21 Percent for the 2013 Fourth Quarter
  • Tier 1 Leverage, Tier 1 Risk-Based and Total Risk-Based Capital Ratios were 8.51 Percent, 14.05 Percent and 15.10 Percent, Respectively, at March 31, 2014. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio was 8.28 Percent
  • Four Private Client Banking Teams Joined During the 2014 First Quarter and One Team Joined Thus Far in the 2014 Second Quarter

NEW YORK--()--Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its first quarter ended March 31, 2014.

Net income for the 2014 first quarter reached a record $66.0 million, or $1.37 diluted earnings per share, versus $50.6 million, or $1.06 diluted earnings per share, for the 2013 first quarter. The record net income for the 2014 first quarter, versus the comparable quarter last year, is primarily due to an increase in net interest income, fueled by record deposit growth and strong loan growth. These factors were partially offset by an increase in non-interest expenses and income tax expense. The 2014 first quarter included a $1.8 million tax charge related to New York State corporate income tax reform enacted on March 31, 2014. This reform lowered future marginal tax rates and changed apportionment factors resulting in a reduction of the Bank’s state deferred tax assets.

Net interest income for the 2014 first quarter reached $186.5 million, up $38.4 million, or 25.9 percent, when compared with the 2013 first quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $23.10 billion at March 31, 2014, an increase of $4.83 billion, or 26.5 percent, from $18.27 billion at March 31, 2013. Average assets for the 2014 first quarter reached $22.70 billion, an increase of $4.86 billion, or 27.3 percent, compared with the 2013 first quarter.

Deposits for the 2014 first quarter rose a record $1.25 billion, or 7.3 percent, to $18.31 billion at March 31, 2014. When compared with deposits at March 31, 2013, overall deposit growth for the last twelve months was 23.7 percent, or $3.51 billion. Excluding short-term escrow and brokered deposits of $2.01 billion at the end of the 2014 first quarter and $1.66 billion at year-end 2013, core deposits increased a record $900.9 million for the quarter. Average deposits for the 2014 first quarter reached $17.77 billion, an increase of $930.0 million, or 5.5 percent.

“We started the year strong with another quarter of record financial performance and private client banking team expansion. We again saw record results in both earnings and deposits along with solid loan growth,” stated Joseph J. DePaolo, President and Chief Executive Officer.

“Additionally, thus far in 2014, we further invested in the Bank’s future with the addition of five teams, each bringing to us multiple talented and veteran banking professionals. We look forward to the contributions these new teams will make as well as the ongoing momentum of our existing banking groups. Moreover, we plan to open three private client banking offices later this year. With more than 90 teams now comprising the Signature Bank network, these latest appointments are representative of the fact that the marketplace is still ripe for opportunity to attract veteran bankers,” DePaolo said.

Chairman of the Board Scott A. Shay, noted: “Oftentimes, the culture of an organization can change when transitioning from a private to a public company. In the 2014 first quarter, Signature Bank celebrated the tenth anniversary of its initial public offering, and since that time, our fundamental tenets have simply not changed in any significant way.

“We still believe that the safety and well being of our depositors is top priority in every lending and asset acquisition decision we make. We also know that depositors are very sensitive to service. Our distinctive service model of having dedicated private client banking teams serve as a single point of contact is the hallmark of our philosophy. We have remained steadfast and pledge to stay true to the founding principles that have characterized Signature Bank since we opened our doors May 1, 2001,” he concluded.

Capital

The Bank’s Tier 1 leverage, Tier 1 risk-based, and total risk-based capital ratios were approximately 8.51 percent, 14.05 percent and 15.10 percent, respectively, as of March 31, 2014. Each of these ratios is well in excess of regulatory requirements. The Bank’s strong risk-based capital ratios reflect the relatively low risk profile of the Bank’s balance sheet. The Bank’s tangible common equity ratio remains strong at 8.28 percent. The Bank defines tangible common equity ratio as the ratio of tangible common equity to adjusted tangible assets and calculates this ratio by dividing total consolidated common shareholders’ equity by consolidated total assets.

Net Interest Income

Net interest income for the 2014 first quarter was $186.5 million, an increase of $38.4 million, or 25.9 percent, versus the same period last year, primarily due to growth in average interest-earning assets. Average interest-earning assets of $22.33 billion for the 2014 first quarter represent an increase of $4.82 billion, or 27.5 percent, from the 2013 first quarter. Yield on interest-earning assets for the 2014 first quarter decreased 10 basis points, to 3.92 percent, compared with the 2013 first quarter. This decrease was primarily attributable to prolonged low interest rates.

Average cost of deposits and average cost of funds for the first quarter of 2014 decreased by five and seven basis points, respectively, versus the 2013 first quarter to 0.49 percent and 0.57 percent. These decreases were predominantly due to prolonged low interest rates.

Net interest margin for the 2014 first quarter was 3.39 percent versus 3.43 percent reported in the same period a year ago. On a linked quarter basis, net interest margin increased seven basis points. The linked quarter increase was partly due to a rise of $1.5 million in loan prepayment penalty income which impacted net interest margin by three basis points. Excluding loan prepayment penalties in both quarters, linked quarter core margin increased four basis points to 3.25 percent. Three basis points of the increase were due to two less days in the 2014 first quarter.

Provision for Loan Losses

The Bank’s provision for loan losses for the first quarter of 2014 was $8.2 million, a decrease of $1.7 million, or 17.5 percent, compared with the 2013 first quarter. The decline was largely due to a decrease in net charge-offs of $4.8 million.

Net recoveries for the 2014 first quarter were $244,000, or 0.01 percent, of average loans on an annualized basis, versus net charge offs of $2.8 million, or 0.09 percent, for the 2013 fourth quarter and $4.5 million, or 0.18 percent, for the 2013 first quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2014 first quarter was $7.2 million, down $1.7 million when compared with $8.8 million reported in the 2013 first quarter. The decrease was led by a $1.8 million decline in net gains on sales of loans predominantly from our SBA pool assembly business.

Non-interest expense for the first quarter of 2014 was $70.0 million, an increase of $11.1 million, or 18.8 percent, versus $58.9 million reported in the 2013 first quarter. The increase was primarily a result of the addition of new private client banking teams and an asset-based lending team, as well as the continued investment in Signature Financial.

The Bank’s efficiency ratio improved to 36.2 percent for the 2014 first quarter versus 37.6 percent for the comparable period last year. The improvement was primarily due to growth in net interest income.

Loans

Loans, excluding loans held for sale, grew $699.2 million, or 5.2 percent, during the first quarter of 2014 to $14.22 billion, compared with $13.52 billion at December 31, 2013. At March 31, 2014, loans accounted for 61.5 percent of total assets, versus 60.4 percent at the end of the 2013 fourth quarter and 56.7 percent at the end of 2013 first quarter. Average loans, excluding loans held for sale, reached $13.81 billion in the 2014 first quarter, growing $1.06 million, or 8.3 percent, from the 2013 fourth quarter and $3.75 billion, or 37.3 percent, from the 2013 first quarter. The increase in loans for the quarter was primarily driven by growth in commercial real estate and multi-family loans, as well as specialty finance.

At March 31, 2014, non-accrual loans were $36.2 million, representing 0.25 percent of total loans and 0.16 percent of total assets, compared with non-accrual loans of $31.3 million, or 0.23 percent of total loans, at December 31, 2013 and $35.1 million, or 0.34 percent of total loans, at March 31, 2013. At March 31, 2014, the ratio of allowance for loan and lease losses to total loans was 1.01 percent, versus 1.00 percent at December 31, 2013 and 1.09 percent at March 31, 2013. Additionally, the ratio of allowance for loan and lease losses to non-accrual loans, or the coverage ratio, was 396 percent for the 2014 first quarter versus 431 percent for the fourth quarter of 2013 and 322 percent for the 2013 first quarter.

Conference Call

Signature Bank’s management will host a conference call to review results of the 2014 first quarter on Tuesday, April 22, 2014, at 10:00 AM ET. All participants should dial 866-359-8135 at least ten minutes prior to the start of the call and reference conference ID #29982536. International callers should dial 901-300-3484.

To hear a live web simulcast or to listen to the archived web cast following completion of the call, please visit the Bank’s web site at www.signatureny.com, click on the "Investor Relations" tab, then select "Company News," followed by "Conference Calls," to access the link to the call. To listen to a telephone replay of the conference call, please dial 800-585-8367 or 404-537-3406 and enter conference ID #29982536. The replay will be available from approximately 1:15 PM ET on Tuesday, April 22, 2014 through 11:59 PM ET on Friday, April 25, 2014.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 27 private client offices throughout the New York metropolitan area. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers. Signature Bank offers a wide variety of business and personal banking products and services. The Bank operates Signature Financial, LLC, a specialty finance subsidiary focused on equipment finance and leasing, transportation financing and taxi medallion financing. Investment, brokerage, asset management and insurance products and services are offered through the Bank’s subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.

Signature Bank's 27 offices are located: In Manhattan (9) - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South; 1020 Madison Avenue; 50 West 57th Street and 2 Penn Plaza. Brooklyn (3) - 26 Court Street; 97 Broadway and 6321 New Utrecht Avenue. Westchester (2) - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island (7) - 1225 Franklin Avenue, Garden City; 53 North Park Avenue, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck; 100 Jericho Quadrangle, Jericho and 360 Motor Parkway, Hauppauge. Queens (3) –36-36 33rd Street, Long Island City; 78-27 37th Avenue, Jackson Heights and 8936 Sutphin Blvd., Jamaica. Bronx (1) - 421 Hunts Point Avenue, Bronx. Staten Island (2) - 2066 Hylan Blvd. and 1688 Victory Blvd.

For more information, please visit www.signatureny.com.

This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information concerning our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams and other hires, new office openings and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “should,” “will,” would,” "plan," "estimate" or other similar expressions. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment and (vi) competition for qualified personnel and desirable office locations. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. Additional risks are described in our quarterly and annual reports filed with the FDIC. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release or elsewhere might not reflect actual results.

       
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
 
Three months ended March 31,
(dollars in thousands, except per share amounts)     2014     2013
INTEREST AND DIVIDEND INCOME
Loans held for sale $ 943 916
Loans and leases, net 148,167 117,629
Securities available-for-sale 47,929 48,575
Securities held-to-maturity 17,315 5,919
Other short-term investments       1,414       592  
  Total interest income       215,768       173,631  
INTEREST EXPENSE
Deposits 21,671 19,453
Federal funds purchased and securities sold under
agreements to repurchase 4,420 4,885
Federal Home Loan Bank advances       3,209       1,185  
  Total interest expense       29,300       25,523  
Net interest income before provision for loan and lease losses 186,468 148,108
Provision for loan and lease losses       8,188       9,926  
Net interest income after provision for loan and lease losses       178,280       138,182  
NON-INTEREST INCOME
Commissions 2,534 2,199
Fees and service charges 4,457 3,998
Net gains on sales of securities 445 1,528
Net gains on sales of loans 743 2,518
Other-than-temporary impairment losses on securities:
Total impairment losses on securities (1,475 ) (1,679 )
Portion recognized in other comprehensive income (before taxes)   857       407  
Net impairment losses on securities recognized in earnings (618 ) (1,272 )
Net trading income 276 225
Other loss       (667 )     (360 )
  Total non-interest income       7,170       8,836  
NON-INTEREST EXPENSE
Salaries and benefits 46,417 39,263
Occupancy and equipment 5,239 4,752
Other general and administrative       18,380       14,916  
  Total non-interest expense       70,036       58,931  
Income before income taxes 115,414 88,087
Income tax expense       49,407       37,454  
Net income     $ 66,007       50,633  
PER COMMON SHARE DATA
Earnings per share – basic $ 1.39 1.07
Earnings per share – diluted $ 1.37 1.06
 
       
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
March 31, December 31,
2014 2013
(dollars in thousands, except per share amounts)     (unaudited)      
ASSETS
Cash and due from banks $ 94,760 119,479
Short-term investments       22,245       24,498  
  Total cash and cash equivalents       117,005       143,977  
Securities available-for-sale (pledged $3,007,792 at March 31, 2014
and $3,227,828 at December 31, 2013) 5,707,804 5,632,233
Securities held-to-maturity (fair value $2,162,176 at March 31, 2014
and $2,110,290 at December 31, 2013; pledged $1,854,933 at
March 31, 2014 and $1,886,753 at December 31, 2013) 2,199,966 2,175,844
Federal Home Loan Bank stock 107,610 130,785
Loans held for sale 428,283 420,759
Loans and leases, net 14,075,125 13,384,400
Premises and equipment, net 39,591 36,331
Accrued interest and dividends receivable 72,227 71,668
Other assets       356,811       380,666  
  Total assets     $ 23,104,422       22,376,663  
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing 5,322,968 5,391,483
Interest-bearing       12,983,761       11,665,614  
  Total deposits       18,306,729       17,057,097  
Federal funds purchased and securities sold under agreements
to repurchase 979,000 1,065,000
Federal Home Loan Bank advances 1,790,313 2,305,313
Accrued expenses and other liabilities       116,230       149,314  
  Total liabilities       21,192,272       20,576,724  
Shareholders’ equity
Preferred stock, par value $.01 per share; 61,000,000 shares authorized;
none issued at March 31, 2014 and December 31, 2013 - -
Common stock, par value $.01 per share; 64,000,000 shares authorized;
48,765,292 shares issued and 47,600,056 shares outstanding at March 31,2014;
48,404,175 shares issued and 47,293,162 shares outstanding at December 31, 2013 476 473
Additional paid-in capital 1,027,607 1,013,900
Retained earnings 903,257 837,250
Treasury stock, at cost; 7,235 common shares at March 31, 2014
and none at December 31, 2013 (926 ) -
Net unrealized losses on securities, net of tax       (18,264 )     (51,684 )
  Total shareholders' equity       1,912,150       1,799,939  
 
  Total liabilities and shareholders' equity     $ 23,104,422       22,376,663  
 
           
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)
 
Three months ended
(dollars in thousands, except ratios and per share amounts)    

March 31,
2014

   

December 31,
2013

   

March 31,
2013

PER COMMON SHARE
Net income - basic $ 1.39 $ 1.36 $ 1.07
Net income - diluted $ 1.37 $ 1.34 $ 1.06
Average shares outstanding - basic 47,318 47,287 47,249
Average shares outstanding - diluted 48,170 48,174 47,877
Book value $ 40.17 $ 38.06 $ 36.29
 
SELECTED FINANCIAL DATA
Return on average total assets 1.18% 1.18% 1.15%
Return on average shareholders' equity 14.42% 14.34% 12.20%
Efficiency ratio (1) 36.17% 34.97% 37.55%

Efficiency ratio excluding net gains on sales of securities

and net impairment losses on securities recognized

in earnings (1)

36.14% 34.72% 37.61%
Yield on interest-earning assets 3.92% 3.85% 4.02%
Cost of deposits and borrowings 0.57% 0.57% 0.64%
Net interest margin 3.39% 3.32% 3.43%
 

(1) The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income before provision for loan and lease losses and non-interest income.

 

 
       

March 31,
2014

   

December 31,
2013

   

March 31,
2013

CAPITAL RATIOS
Tangible common equity (2) 8.28% 8.04% 9.39%
Tier 1 leverage 8.51% 8.54% 9.31%

Tier 1 risk-based

14.05% 14.07% 15.21%
Total risk-based 15.10% 15.10% 16.26%
 
ASSET QUALITY
Non-accrual loans $ 36,209 $ 31,342 $ 35,066
Allowance for loan and lease losses $ 143,503 $ 135,071 $ 112,815
Allowance for loan and lease losses to non-accrual loans 396.32% 430.96% 321.72%
Allowance for loan and lease losses to total loans 1.01% 1.00% 1.09%
Non-accrual loans to total loans 0.25% 0.23% 0.34%
Quarterly net recoveries (charge-offs) to average loans, annualized 0.01% (0.09)% (0.18)%
 
(2)   We define tangible common equity as the ratio of tangible common equity to adjusted tangible assets (the "TCE ratio") and calculate this ratio by dividing total consolidated common shareholders' equity by consolidated total assets (we had no intangible assets at any of the dates presented above). Tangible common equity is considered to be a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. The TCE ratio is a metric used by management to evaluate the adequacy of our capital levels. In addition to tangible common equity, management uses other metrics, such as Tier 1 capital related ratios, to evaluate capital levels.
 
                       
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
 
Three months ended Three months ended
March 31, 2014 March 31, 2013
(dollars in thousands)    

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

   

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

INTEREST-EARNING ASSETS
Short-term investments $ 172,502 96 0.23 % 116,640 101 0.35 %
Investment securities 8,010,439 66,562 3.32 % 7,064,782 54,985 3.11 %
Commercial loans, mortgages and leases 13,457,376 144,803 4.36 % 9,668,010 113,823 4.77 %
Residential mortgages and consumer loans 349,544 3,364 3.90 % 387,342 3,806 3.98 %
Loans held for sale       337,957     943     1.13 %     274,301     916     1.35 %
Total interest-earning assets       22,327,818     215,768     3.92 %     17,511,075     173,631     4.02 %
Non-interest-earning assets       368,299                 320,616            
Total assets     $ 22,696,117                 17,831,691            
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand 950,106 898 0.38 % 766,901 765 0.40 %
Money market 10,274,993 17,600 0.69 % 8,470,511 15,391 0.74 %
Time deposits 1,217,253 3,173 1.06 % 981,532 3,297 1.36 %
Non-interest-bearing demand deposits       5,331,071     -     -       4,364,853     -     -  
Total deposits       17,773,423     21,671     0.49 %     14,583,797     19,453     0.54 %
Borrowings       2,929,546     7,629     1.06 %     1,466,158     6,070     1.68 %
Total deposits and borrowings       20,702,969     29,300     0.57 %     16,049,955     25,523     0.64 %
Other non-interest-bearing liabilities                                    

and shareholders' equity

      1,993,148                 1,781,736            
Total liabilities and shareholders' equity     $ 22,696,117                 17,831,691            
OTHER DATA
Net interest income / interest rate spread 186,468 3.35 % 148,108 3.38 %
Net interest margin 3.39 % 3.43 %
Ratio of average interest-earning assets
to average interest-bearing liabilities 107.85 % 109.10 %
 
SIGNATURE BANK
NON-GAAP FINANCIAL MEASURES
(unaudited)
 
Management believes that the presentation of certain non-GAAP financial measures assists investors when comparing results period-to-period in a more consistent manner and provides a better measure of Signature Bank's results. These non-GAAP measures include the Bank's (i) tangible common equity ratio, (ii) efficiency ratio excluding net gains on sales of securities and net impairment losses on securities recognized in earnings, and (iii) core net interest margin excluding loan prepayment penalty income. These non-GAAP measures should not be considered a substitute for GAAP-basis measures and results. We strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
 
The following table reconciles net interest margin (as reported) to core net interest margin excluding loan prepayment penalty income:
      Three months ended March 31,
        2014     2013
Net interest margin (as reported) 3.39%     3.43%
Margin contribution from loan prepayment penalty income     (0.14)%     (0.13)%
Core net interest margin - excluding loan prepayment penalty income     3.25%     3.30%
 

Contacts

Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Executive Vice President – Corporate & Business Development
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com

Release Summary

SIGNATURE BANK REPORTS 2014 FIRST QUARTER RESULTS

Sharing

Contacts

Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Executive Vice President – Corporate & Business Development
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com